Regional

$100m to Fuel Barbados’ Climate Resilience

NASSAU, BAHAMAS – A country in the region is getting the fuel it needs to better go green.

Published

2 years ago

January 12, 2023

Kristina Dragovich

NASSAU, BAHAMAS – A country in the region is getting the fuel it needs to better go green. Barbados putting the spotlight on climate change in the region, with impassioned pleas by Mia Mottley, prime minister of Barbados.

Now, Barbados is getting some much-needed fuel to charge its resilience to climate change.

The World Bank, Tuesday, approved $100 million in financing to support Barbados’ low carbon economic development.

In a statement from the World Bank, Mottley explained the necessity of support to middle income small island developing states.

She says: “This loan allows Barbados to advance its efforts to achieve climate resilience, including… our shift to clean energy… Ultimately better shielding Barbadians from the worst of the climate crisis, while creating opportunities for green and blue jobs.”

The main pillars of the loan include green and blue resilient development, with laws on water reuse, a climate change and agriculture policy, and the establishment of an environmental sustainability fund. According to the World Bank, it also supports the reduction of marine pollution and managing natural resources.

The second pillar facilitates Barbados’ low carbon efforts, with increased renewable energy capacity and support for climate change adaptation and mitigation efforts.

Barbados, like The Bahamas, relies heavily on imported fossil fuels and the fluctuating prices of the market. That reliance and rising fuel prices highlights the vulnerability of Barbados’ economic recovery, and environmental vulnerabilities.

The World Bank’s Climate Action Plan commits 35 percent of the bank’s financing to climate action. Last year, it gave $26 billion to climate investments in developing countries, including those in the region.